LONDON Jan 5 (Reuters) – Anglo-South African
financial conglomerate Old Mutual on Thursday named
former senior UBS banker Ian Gladman as its new strategy
director as it pushes through a radical plan to simplify its
sprawling structure.
Gladman, who advised Old Mutual on its initial public
offering while working as UBS’ head of corporate finance in
South Africa, takes over from Don Hope, who plans to retire
later this year, the company said.
Old Mutual last month offloaded its Nordic operations in the
latest of a series of disposals aimed at reducing debt and
mollifying investors who say the group’s share price has been
held back by its complex structure and lack of focus.
The company, which at its peak owned insurance, banking and
asset management businesses in over 35 countries, faced a
setback in 2010 when a planned $8 billion sale of its majority
stake in South African lender Nedbank to HSBC fell
through.
Gladman was most recently co-head of financial institutions
for the EMEA region at UBS, and previously worked at Goldman
Sachs and JP Morgan.
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